Why Oracle Stock Slipped by 3% Today
News that Oracle (NYSE: ORCL) might get involved in the controversy-laden saga that is TikTok sent the American company's shares down on Tuesday. Oracle's share price fell by 3% on the day, a steeper tumble than the 1.1% slip of the S&P 500 (SNPINDEX: ^GSPC).That morning, citing unnamed "people familiar with the matter," Bloomberg reported that Oracle is considering a proposal whereby it would provide security guarantees for TikTok's U.S. operations, in return for taking a small stake in a new TikTok entity based in this country. The site's vaunted algorithm would stay in the hands of its current owner, China-based ByteDance. The financial news agency said the idea was floated last week within the Trump administration. The report did not specify by which person or people.Continue reading
News that Oracle (NYSE: ORCL) might get involved in the controversy-laden saga that is TikTok sent the American company's shares down on Tuesday. Oracle's share price fell by 3% on the day, a steeper tumble than the 1.1% slip of the S&P 500 (SNPINDEX: ^GSPC).
That morning, citing unnamed "people familiar with the matter," Bloomberg reported that Oracle is considering a proposal whereby it would provide security guarantees for TikTok's U.S. operations, in return for taking a small stake in a new TikTok entity based in this country. The site's vaunted algorithm would stay in the hands of its current owner, China-based ByteDance.
The financial news agency said the idea was floated last week within the Trump administration. The report did not specify by which person or people.
